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Posts with tag: porsche-losses | Return to DriversDrive.com Homepage
Porsche Sees Economy Picking Up Despite Recent Losses
The Wall Street Journal reports that revenues for Porsche plunged over 30% in the luxury automaker's first quarter. As awful as that sounds Porsche is actually optimistic for 2010.
Porsche said car sales slumped 40% from a year earlier to 11,385 vehicles in the three months ended Oct. 31, reflecting the woes embroiling the luxury-car market.
"A look at the four-month figures suggests that the economy is gradually bottoming out and recovery is in sight," Porsche said, referring to a 25% decline to 18,764 cars in the August-through to November period. Porsche said it expects car sales "to pick up over the year 2010," driven by the new Panamera model.
Porsche may be correct about the trends and luxury automobile sales should begin to climb slowly over the next couple years. However, the merger with Volkswagen could make for a complex and confusing time period for the company.
Posted on December 20, 2009
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